As most of you have heard BitCoin has taken off and ended up being a stable investment for a lot of people. If you are like me and did not really pay any mind to BitCoins and just kept up on the news you probably are regretting not getting into it sooner.
Unfortunately there is a little bit to learn and now BitCoins are no longer worth mining due to the power that is required and the hardware that is required to actually mine the coins. However there are plenty of other crypto currencies that are taking off. After reading up on the others that are taking off and gaining popularity I have started mining LiteCoins and FeatherCoins.
There are a few things that you will need to get in order so that you can not only mine but also buy and sell your coins. Once you get started and all the framework in place to buy and sell coins then you will be able to start getting into this new market and hopefully make some money off it. At the least you’ll have some fun in the process.
- You will need a fairly powerful computer. This means a decent CPU and preferrably a dedicated graphics card (I am only going to cover ATI as that is what I have)
- You will need to join a mining pool (you can go solo but its not profitable)
- You will need to setup an account with MtGox – https://www.mtgox.com/
- You will need to setup an account with BTC-e – https://btc-e.com/
- Patience. Lots of patience.
Those are the basics. Stay tuned for more posts as I progress on this journey.